Updated over 8 years ago on . Most recent reply
Advice please on owner occupied financing
I am new to BP, this is my first post.
Owner ocupancy
Is there anywhere someone can look for private funding to remodel a house in WV for 6 months to a year to purchase and remodel a house that will be owner occupied.
The house is 3800 sq and I will be adding an additional 600+ squeeze to it. The purchase price is $120,000.00 and will take about $70,000.00 to finish. The estimated ARV is $250,000.00+.
I am approved for the more than the loan amount, however because of the work needed I can only get a 203 loan. I have been through a dozen general contractors to try and get quotes but as soon as they see how much paperwork is involved in this government 203 loan is they stop returning my calls. I can get a conventional loan after work is done but I don't have $70,000.00 to do this.
Because of the issues with the house I was able to get the house on land contract, however I would like to get this purchased and finished this year so I can enjoy my time off a little more, as I have a wife, 3 teenage daughters and a son that I would like to spend time.
Where would one go to find help with this.